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20121212
20121212
Search Results 0 to 6 of about 7 (some duplicates have been removed)
berlusconi with his polar opposite, mario monti, an academic economist who promised to balance italy's books with strict austerity measures. that's not an easy choice. the country basically deciding it would be better to live with its hard-ass stepfather even though its real father was outside revving up his alfa romeo promising to take everyone to a strip club for prosecco and waffles. (laughter) or whatever better version of waffles they have in italy. i'm sure. really? his zells is that what they do? (laughter) look at that grill pattern. it's (bleep)ing beautiful. how do they do it? everything you eat is better there. kosher hot dogs. they probably have some kind of thing that gets saysly and blub blub. anyway, italy sucked it up and got the fiscal house in better shape, everyone's glad they did what they did. almost everyone. >> one of italy's most controversial former leaders is eyeing a comeback. berlusconi says he's planning to run again. this would be his fourth term in office. >> jon: he was convicted -- (laughter). he was convicted of tax fraud six weeks ago. he was sentenced to n
. berlusconi says spreads, this is really just a scam. monty says we should care about spreads. want to bring in a third opinion. let's talk about bepo grillo, founder of the five-star movement. not a political party but a movement which benefits from voters' disenchantment with mr. berlusconi and mr. monty. he agrees with mr. berlusconi on one thing. he says spreads are all just based on speculation. >> translator: the spread is completely detached from the real economy. the spread is mental hallucination created by speculation in the banking sector because half of the italian debt is owned by foreign banks. these banks try to get high rate in order to earn more. so we are a victim of banking speculation, of both foreign and domestic banks. we shall detach from the real economy. we need to stop this vicious cycle of debt that is strangling us. >> reporter: many would argue it's the right time for mario monty to leave the political scene. would you agree? >> translator: he needs to disappear. he was, as the americans say, a bluff, a bubble, a bankruptcy curator. our country went bankrupt last
at greece, but also they're watching the problems in italy. the news that mariom onti -- monti will step down. that's really dragging down the mood. >> let's look at some market numbers. dax closing up. stoxx 50 at 2624. the dow jones is currently up almost 1%. the euro is trading at $1.3007. >> agrees has reached their target in a bond buyback scheme, at least they are calling to the state tv. >> they bought the bonds at a discount of 70% from investors and the private banks. this was a condition for them to receive further eu funds. finance ministers are set to meet to discuss releasing the bailout funds. british banking giant hsbc has agreed to pay a record $1.9 billion to settle a money- laundering case. investigated by authorities in the united states. >> hsbc was accused of using the u.s. financial system to transfer funds from mexican drug cartels and from countries like iran that had been placed under international sanctions. >> the u.s. government says hsbc invaded these practices. they've have been said to enabled terrorists and others to ensure bent sanctions. despite the heft
the news of monti's resignation on monday. they've recovered from then. wanted to show the ibex 35, up .3% in spain. there was an italian debt auction that went over well. that's helping sentiment. the owner of zara, one of the strongest retailers in europe, out with sales. you see that their shares are down. even though their nine-month sales figure was up 17% year on year, they said so far in the fourth quarter that figure was slowing to something in the range of 15%. so still a strong set of figures from inbitex. if you're concerned about the consumer, but not as strong as we have seen in the past. that's what's happening in spain. i want to draw your attention -- use guys were talking about unions. here's a union story that tells something about the rebalancing in the eurozone. potentially germany. we know with the xetera dax up .3%. and almost 30% this year. investors see if the euro project hangs together, it's going to mean renation in germany. that is some wage inflation, some price inflation. the public sector union verde, powerful union, along with some others with its contract
. meanwhile, also worth mentioning that, after the sell-off we got on italian debt, where mario monti said he would resign over the weekend, today italy successfully went through an auction at the one-year level of debt. and you can see where people have viewed monday's sell-off as a huge opportunity. so the yields are heading down on the ten-year. just before i give you back to carl, i wanted to hand you a piece of research from goldman sachs. they have looked at what the eurozone crisis cost america in terms of growth. at the beginning of the year, they suggested they could knock 1% off potential gdp. and now they say they knocked three-quarters of a percent off growth here. half a percent was due to a general tightening of financial conditions. it's a very complicated set of calculations to get to that, but they have. half a percent of american growth is a result of weaker exports to europe. and the final thing that i think is very interesting. they say there's been a negligible impact on america due to what banks might be doing here. in other words, the european banks in new york, in bost
Search Results 0 to 6 of about 7 (some duplicates have been removed)

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